Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholders</li><li>The transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%</li></ul>

Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholdersThe transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%Capitaland Integrated Commercial Trust (CICT SP) acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

<ul><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continues</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires Tokyo nursing home at 5.9% NPI yield </li><li><a href="https://www.smartkarma.com/entities/8990-holdings-inc" target="_blank" data-smartkarma-citation="entities:22652" rel="noopener">8990 holdings (HOUSE PM)</a> current ~671ha Land bank can deliver PHP165bn sales</li></ul>

City Developments (CIT SP) divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continuesParkway Life REIT (PREIT SP) acquires Tokyo nursing home at 5.9% NPI yield 8990 holdings (HOUSE PM) current ~671ha Land bank can deliver PHP165bn sales

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

<ul><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> obtains option to buy S$126.3m worth of assets from Tan Chong International (TCI SP)</li><li>Perfect Ten by CK Asset Holdings will open sales gallery to public on 8Dec</li><li>UOB Asset Management (UOBAM) lists first Reit ETF on Singapore Exchange</li></ul>

City Developments (CIT SP) obtains option to buy S$126.3m worth of assets from Tan Chong International (TCI SP)Perfect Ten by CK Asset Holdings will open sales gallery to public on 8DecUOB Asset Management (UOBAM) lists first Reit ETF on Singapore Exchange

ASEAN Builder's Scoop (24Nov21) - CIT Obtains Option to Buy Assets from TCI

<ul>
<li>
<a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> 3Q21 Business Updates – Gradually moving on from Sincere as hotels recover and SG residential remains robust</li>
<li>
<a href="https://www.smartkarma.com/entities/mreit-inc" target="_blank" data-smartkarma-citation="entities:33806" rel="noopener">MREIT (MREIT PM)</a> looks to acquire 4 office towers before year-end</li>
<li>
<a href="https://www.smartkarma.com/entities/century-properties-group-inc" target="_blank" data-smartkarma-citation="entities:22991" rel="noopener">Century Properties Group (CPG PM)</a> , Mitsubishi to expand partnership to non-residential projects</li>
</ul>



City Developments (CIT SP) 3Q21 Business Updates – Gradually moving on from Sincere as hotels recover and SG residential remains robust

MREIT (MREIT PM) looks to acquire 4 office towers before year-end

Century Properties Group (CPG PM) , Mitsubishi to expand partnership to non-residential projects


ASEAN Builder's Scoop (17Nov21) - CIT Hotels Recovery and SG Resi Remains Robust

<ul>
<li>Capitaland Integrated Commercial Trust (CICT SP) to receive net proceeds of S$344.8m from One George Street’s 50% stake divestment</li>
<li>CanningHill Piers by CapitaLand Development and City Developments (CIT SP) launched at S$2,836psf</li>
<li>New private home sales rose 8.3% MoM in Oct21.</li>
</ul>


Capitaland Integrated Commercial Trust (CICT SP) to receive net proceeds of S$344.8m from One George Street’s 50% stake divestment
CanningHill Piers by CapitaLand Development and City Developments (CIT SP) launched at S$2,836psf
New private home sales rose 8.3% MoM in Oct21.


ASEAN Builder's Scoop (15Nov21) - CICT Divests 50% Stake of OGS

Singapore

City Developments Limited (CDL) is a Singaporean multinational real estate operating company. It develops, owns, and manages a diversified portfolio of residential, commercial, and hospitality properties, including offices, hotels, serviced apartments, shopping malls, and integrated developments. CDL was founded on September 7, 1963, and is headquartered in Singapore.

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City Developments (CIT SP)

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

MCT/MAGIC merger; CICT buys Sydney office; KDCREIT buys UK DC; ART buys more US dormitories; ECWREIT buyers backed out; DASIN loan extension; VLL...

SCCM Asia Research

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

CIT divests Seoul hotel for ~S$530m gain; PREIT buys Tokyo nursing home at 5.9% yield; HOUSE ample land bank for next 7-10yrs; Phils FDI exceeds...

SCCM Asia Research

ASEAN Builder's Scoop (24Nov21) - CIT Obtains Option to Buy Assets from TCI

CIT obtains option to buy assets from TCI; Perfect Ten sales gallery open on 8Dec; UOBAM first REIT ETF listed; F&B/tourism remains subdued in...

SCCM Asia Research

ASEAN Builder's Scoop (17Nov21) - CIT Hotels Recovery and SG Resi Remains Robust

CIT hotels recovery and SG resi remains robust; MREIT to acquire 4 office towers; CPG/Mitsubishi to expand partnership; FDC real estate recovery...

SCCM Asia Research

ASEAN Builder's Scoop (15Nov21) - CICT Divests 50% Stake of OGS

CICT Divests 50% Stake of OGS; CanningHill Piers launches at S$2,836psf; ALLHC set to gain from warehouse boom; MEG bullish on hospitality in 2022;...

SCCM Asia Research

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